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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Technical Analysis – ETH/USD Remains Buy on Dips 2017-11-23

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
ETH USD Remains Buy on Dips

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Key Highlights

  • ETH price is gaining pace and it recently moved above the $380 level against the US Dollar.
  • Yesterday’s highlighted major bullish trend line with current support at $368 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price remains buy on dips near the $370 and $368 levels in the near term.

Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD is now well above $368 and is eyeing more upsides.

Ethereum Price Support

There were continuing gains in ETH price above the $350 level against the US Dollar. The price was able to move above a major resistance at $368-370, which has opened the doors for more gains. Buyers were able to push the price above the $380 level and a new high was formed near $382.68. Later, a minor correction was initiated from $382.68, but the price remains well supported on the downside.

It recently tested the 38.2% Fib retracement level of the last wave from the $359.10 low to $382.68 high. However, there are many supports on the downside such as $368 and $365. More importantly, yesterday’s highlighted major bullish trend line with current support at $368 is intact on the hourly chart of ETH/USD. The same trend line support is near the 50% Fib retracement level of the last wave from the $359.10 low to $382.68 high. Moreover, the 100 hourly simple moving average and the $350 support are important buy zones.

Ethereum Price Technical Analysis ETH USD

Therefore, the price is likely to remain well bid above the $368 support in the near term. On the upside, the recent high near $382.68 might be retested soon. A break above $382 would call for more upsides may be towards the $390 and $400 levels.

Hourly MACD – The MACD placed well in the bullish zone.

Hourly RSI – The RSI is currently moving lower but remains well above the 50 level.

Major Support Level – $368

Major Resistance Level – $382

 

Charts courtesy – SimpleFX

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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